Yesterday, the three major indexes of US stocks fell across the board, most futures fell, the Dow fell 0.98%, the S&P fell 1.38%, and the Nasdaq fell 2.17%; U.S. crude fell 1.99%; Serren copper fell 1.51%; London nickel fell $685 to $21,550/ton, holding 140027 lots, trading 3,077 lots, and inventory of 37,206 tons; The main contract of Shanghai nickel fell 5040 yuan to 167290 yuan / ton, holding 84521 lots, trading 106602 lots, and inventory of 1752 tons.
The majority of LME metal fell, while domestic and foreign nickel mines rose, and ferronickel prices remained flat. The dollar index rebounded sharply, impacting the prices of non-ferrous metals, nickel and stainless steel. At present, the explicit inventory of refined nickel is still at a historical low, and the domestic policy of sending new energy vehicles to the countryside is expected to increase significantly, which supports the demand for nickel in the second half of the year. Despite this, there is still pressure to increase nickel supply in the medium to long term. The increased risk of structural oversupply has been caused by the high amount of new capacity added to pure nickel and high-nickel products. In the short term, prices can fluctuate strongly, primarily across a broad range.
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